Key regions: Canada, United States, France, Europe, United Kingdom
The Skin Treatment (Pharmacies) market in South Korea has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in the Skin Treatment (Pharmacies) market in South Korea have shifted towards a greater focus on skincare and beauty. South Korean consumers are known for their extensive skincare routines and their preference for high-quality, innovative products. This has led to an increased demand for skin treatment products in pharmacies, as consumers seek out effective solutions for their skincare concerns. Additionally, the popularity of K-beauty, or Korean beauty, has also contributed to the growth of the market. South Korean skincare brands are renowned for their advanced formulations and cutting-edge technology, attracting both domestic and international consumers. Trends in the market reflect this emphasis on skincare and beauty. There has been a rise in the popularity of multi-step skincare routines, with consumers incorporating various skin treatment products into their daily regimen. This includes products such as cleansers, toners, essences, serums, moisturizers, and masks, among others. In response to this trend, pharmacies in South Korea have expanded their offerings to include a wide range of skin treatment products, catering to the diverse needs and preferences of consumers. Brands have also introduced innovative products, such as sheet masks and ampoules, which have gained popularity for their targeted and effective results. Local special circumstances have also played a role in the development of the Skin Treatment (Pharmacies) market in South Korea. The country has a strong pharmaceutical industry, which has allowed for the development and production of high-quality skincare products. South Korean consumers have a high level of trust in locally-made products, further driving the demand for skin treatment products in pharmacies. Additionally, the influence of Korean celebrities and influencers, who often endorse skincare brands and products, has also contributed to the growth of the market. Their endorsements and recommendations have a significant impact on consumer purchasing decisions, leading to increased sales in pharmacies. Underlying macroeconomic factors have also supported the growth of the Skin Treatment (Pharmacies) market in South Korea. The country has a strong economy and a high standard of living, allowing consumers to allocate a larger portion of their income towards skincare and beauty products. Additionally, the growing middle class in South Korea has led to an increase in disposable income, enabling consumers to afford higher-end skin treatment products. The rise of e-commerce has also made it easier for consumers to access and purchase skin treatment products from pharmacies, further boosting the market. Overall, the Skin Treatment (Pharmacies) market in South Korea has experienced significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The emphasis on skincare and beauty, the availability of high-quality products, and the influence of celebrities and influencers have all contributed to the development of the market. With continued innovation and a strong consumer demand, the market is expected to continue its growth trajectory in the future.
Data coverage:
The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.
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